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North America Offshore Wind Energy Market Trends

Report ID: GMI8932
Published Date: Apr 2024
Report Format: PDF

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North America Offshore Wind Energy Market Trends

Growing regulatory reforms and policy initiatives coupled with growing public awareness of climate change and the urgent need for sustainable energy solutions, will propel offshore wind to the forefront of energy discussions. Rising strategic partnerships between industry stakeholders, research institutions, and coastal communities foster innovation and collaboration, driving down costs and accelerating project timelines thereby accelerating the industry outlook. The region's vast untapped potential coupled with its extensive coastlines will offer extensive opportunities for the market growth.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

North America offshore wind energy industry size was USD 4.3 billion in 2023 and is expected to register 25% CAGR from 2024-2032 owing to several advantages, including stronger and more consistent wind speeds, and reduced visual and noise impacts on land in the region.

North America offshore wind energy market from the turbine segment is expected to exceed USD 7 billion by 2032 due to its high electrical efficiency, modularity, and scalability, allowing for flexible deployment in various applications and settings.

U.S. offshore wind energy industry is expected to cross USD 26.2 billion by 2032 and is expected to register a commendable CAGR from 2024-2032 due to its diversifying energy sources, reducing greenhouse gas emissions, and creating jobs in the clean energy sector in the country.

ENESSERE S.r.l., General Electric, IMPSA, LS Cable & System Ltd, Nexans, Prysmian Group, RWE Renewables, Shell WindEnergy Inc, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., US Wind Inc., Vestas, are some of the major offshore wind energy companies in North America.